Term Reserve Clause Samples

Term Reserve. The Administrative Agent agrees that if Excess Availability (as defined in the Existing Revolving Credit Facility as in effect on the date hereof) exceeds $75,000,000 for five consecutive Business Days at any time while the Term Reserve (as defined in the Intercreditor Agreement) is in effect, the Borrower and the ABL Agent (as defined in the Intercreditor Agreement) may eliminate the Term Reserve (subject to the Administrative Agent’s right to request that the Term Reserve be imposed on subsequent occasions if permitted by the Intercreditor Agreement); provided that the Borrower shall give prompt notice to the Administrative Agent of such elimination.